You need to know about the 5-year rule.
Some financial experts caution against buying a home unless you plan to own it for at least 5 years. This is because there are costs associated with purchasing and selling a home, and it may take time for the property’s value to rise enough to offset those expenditures.
If you aren’t sure about your new area or think you will need to move soon for work or family, you may be better off renting for now.
But if you plan to stay in your community long term, purchasing a home can be a fantastic opportunity. That time will allow you to build equity as your home value appreciates. Plus, you’ll gain a priceless sense of security and stability.
What other factors should you consider before taking the plunge…